How to do Matched Betting? Guide and Tips Canada

Last Updated on 17/09/2020

With our guide to matched betting, you'll never have to ask the question 'How does matched betting work?' ever again. This is because we'll have matched betting explained in simple terms. Ever signed up to a bookmaker and been bombarded with free bet offers? Matched betting is a method which can help you turn those generous welcome bonuses into hard cash. In order to do this, you need to place more than one bet so you can cover every potential outcome of a sporting event. In this guide, we’ll take you through the whole process of matched betting, to teach you how to start making money right away. So keep reading to get the answer to the question of 'How does matched betting work?'
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How does matched betting work?

Matched betting is a practice whereby gamblers use the free bet promotions offered by different betting companies – such as “bet £25 with us and we’ll give you a £25 free bet!” – in order to mathematically guarantee themselves a profit. This is a sure-fire way to make money on a bet, but in order to make it a success, you need to know the mechanics of matched bet and be careful not to make any mistakes. Matched bets work on a two-way basis: you need to match a ‘back’ bet with a lay bet’. Not sure what these terms mean? Read on for our match bet tips Canada gamblers can rely on.

The amount of money that you can make from matched bets is all down to how much time you put into it, as well as the deals which are currently being offered by online bookmakers. Some people who take advantage of matched betting treat it almost as a full-time position, while others try it once or twice and make a relatively small amount. The most profitable time for most matched bettors is when they first start, as a lot of well-known bookmakers offer generous sign-up deals. This means that you can quickly make thousands if you do matched bets correctly. While there is an almost unlimited number of online bookmakers, sign up offers can quickly become quite hard to find, so after you’ve first started you might find yourself putting more and more time into discovering new betting sites. It’s worth remembering that you don’t have to pay tax on matched bet earnings, so you can quickly rack up quite a sum. Keep reading to have matched betting explained even further.
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Can you really have ‘no risk matched betting’?

If you’ve got the answer to ‘How does matched betting work?’ you’ll know that in theory, matched bets are totally safe and 100% risk-free – however, because it is reliant on human input, errors leading to you losing your money are possible, which is why it is important to take care when you first get started. In addition to this, there’s also a small window of opportunity for the betting odds to change in the time between you place your back bet and your lay bet, which means that the bet is no longer properly matched. However, there’s no need to worry: if you follow all the steps laid out in our matched bet guide, Canada residents will quickly find themselves in profit!

In one way, matched bets aren’t gambling. It doesn’t involve you taking a punt on an outcome ending up in your favour. You don’t risk your money on something occurring, you back both sides of the bet meaning that it is impossible to lose. However, there is some overlap between matched bets and gambling, and the practice does require you to place bets – so you will need to be of legal age to gamble in your respective province – 19 in Ontario and Saskatchewan, 18 in Alberta and so on and so forth.
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What are no-risk matched bets or risk-free matched bets in Canada?

When answering the question of ‘How does matched betting work?’ we thought take in no-risk matched betting. This is slightly different from matched bets in that your qualifying bet is effectively free.
This is often offered by new bookmakers or those looking to attract new customers, with deals such as “get your money back if your bet loses” deals, free spins on slot games, or no-deposit bonuses.
It isn’t always possible to bet risk-free as, unsurprisingly, bookmakers aren’t always willing to give out such generous deals, but it’s certainly worth keeping your eye out for them.

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Did you know?

  • If you’re not sure of the risk involved in no-risk matched bet opportunities, there are plenty of online bet calculators you can use to assess where you stand. Just make sure that you have matched betting explained first.

 

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How to do matched betting

Getting started on your no-risk matched bet journey is simple. All you really need to begin with is a device which can connect to the internet. Preferably you should have also a good internet connection, to enable you to quickly move between tabs and windows without worrying about your connection freezing and the odds changing on your chosen bet. It’s also recommended that you set up a new email address to use when signing up for online bookmakers with whom you’ll be conducting your matched bet activities. This is so that your main inbox doesn’t get clogged up with hundreds of spam emails – you’ll also easily be able to hunt out any sign-up offers that do get sent over and quickly be able to act upon them.

In order to make money from matched bets, Canada gamblers will need to use some of their own hard-earned cash. This is what’s known as your float or bankroll and the amount you start with will inevitably depend on how much you can afford to put down. It’s recommended that you begin with at least $50, but the more you have in your bankroll, the more you’ll find that you can earn. A large bankroll equals more offers you can sign up for simultaneously, and you will spend less time waiting for your money to transfer between the banks, the bookmakers and your betting exchange account. All of this should hopefully answer the question of ‘How does matched betting work?”
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Matched betting guide Canada: do you need to set up a new bank account?

It’s not necessary to set up your own bank account for matched bets; you can easily use your existing account. However, you might soon start to find this confusing, especially if you have a joint account with lots of incomings and outgoings.
It’s recommended, therefore, that you establish a separate account which will enable you to track how much is going in and out without you having to worry about withdrawing in time to meet your monthly financial obligations. As we’ll go on to outline in this matched bet guide Canada bettors recognise that, although matched bets can be profitable, they does require lots of patience. This is why it’s good to have matched betting explained.

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How to: matched bet guide

In the next few paragraphs, we’ll take you on a complete step-by-step guide which will help answer the question ‘How does matched betting work?’ and which will allow you to start betting yourself. Before we get started, it’s important to get your head around two different betting concepts: the back bet and the lay bet. Combined, these two different betting terms make up the whole underlying idea behind matched bets and without a knowledge of the two, you won’t be able to make money from matched bets in Canada.

A back bet is the typical type of bet you place at any bookmaker, whether they operate online or in a bricks and mortar shop. When you place a ‘back bet’, you are backing a certain outcome to come true. As an example, we’ll use a football bet. Say you believe that Real Madrid will win their next match. You would walk into the bookmaker, or place a bet online and, if Real Madrid did indeed win, you would win the bet. If they drew or lost the match, you would lose your bet and the stake you placed on that bet. As long as that makes sense, we’ll now move on to introducing the idea behind the lay bet.
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Matched bet guide Canada: lay bets

A lay bet is the opposite of a back bet and involves betting against a certain outcome. In the above example, if you were placing a lay bet, you would be betting against Real Madrid winning – in other words, laying them. If Real Madrid drew or lost the match, you would win the bet. Laying a bet is effectively what a bookmaker does against you every time you place a bet. For you to lay a bet, you need to register with a betting exchange. Now that we’ve got a handle on what a back bet and a lay bet is, we can begin our matched betting adventure!

First things first: you need to sign up to a betting exchange to be able to lay your bets and cancel out the risk you’re taking on when backing a bet at a bookmaker. Betting exchanges allow you to bet against other people – and some even offer free bets for new customers, so keep an eye out. Then, you’ll need to sign up to your chosen bookmakers: the one which is running the best welcome sign-up bonus. The best matched bet sites Canada gamblers can sign up to include those that offer $20 free bets which require you to deposit a relatively small amount, such as $5 – we’ll be using this in the example below. Before you deposit your funds, make sure you double check the terms and conditions to ensure there are no restrictions which would prevent you from withdrawing your money.
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Finding and placing your qualifying bet

So let’s have matched betting explained with some more examples. You’re looking to place a sporting bet which has close odds on the bookmakers (the back bet) and the betting exchange (the lay bet). For the free bet to qualify, you’ll probably have to choose a bet with odds of 1.50 or greater, but try and stay as low as possible. As an example, imagine you’re backing the Montreal Canadiens to beat the Detroit Red Wings at odds of 2.25. Once you’ve placed this bet, you then lay the same bet on the betting exchange at 2.36.
The difference between the bets is 0.11, which is calculated as $0.37 – the most you can possibly lose on this qualifying bet. Say the Red Wings win, you now have a profit of $4.87 with the betting exchange which, after they take their commission, is $4.63. You have lost the $5 bet with the bookmaker, but you’ve now qualified for a free $20 bet! Meanwhile, you have $14.63 in your Betfair account (the profit from the last bet plus the initial deposit).

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Fact check

  • The most common way to display odds in Canada is in the decimal format anyway, but before you begin, make sure that the odds are shown in this way on both your betting exchange and bookmakers’ accounts. It’s important to do this so that you can easily compare the odds shown on each site. You know straightaway, for example, that 2.75 is higher than 2.35, but it might take a lot longer to work it out when you’re hit with the fractional figures 7/4 and 27/20. Time is precious when using matched bets, as odds can quickly change.

 

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Repeating the steps with the free bet

We now repeat the process using the $20 free bet instead of the $5. For example, in a Premier League game between Chelsea and Newcastle United, we will back a draw at the bookmakers at odds of 3.50 and then we will lay against this bet (so bet on a win for either side) at odds of 3.70 at the betting exchange. Because the odds are greater, we’ll need to deposit more money in our betting exchange account in order to lay it to cover the liability.
In this case, the draw comes in, so we win $50 with the bookmaker from our $20 stake. We lose the $36.99 liability with the betting exchange, resulting in an overall profit of $12.64 ($13.01 minus the $0.37 we lost on the first bet) from just a 20-minute process. If you have any more questions about how to do matched betting, there are plenty of online guides which delve deeper into what you need to do and how you can keep it up long-term. Hopefully this should have matched betting explained for you.

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Conclusion: Finding one of the best sites for matched bets in Canada

Matched bets are totally legal and is a guaranteed way to turn a profit. It’s flexible, so while it’s most popular for 1X2 betting, it can also be used for Asian handicap bets and accumulators too – although your liability for the latter would be a lot higher. Just remember to follow the tips given above and make sure you’re careful not to make any mistakes, as this could quickly eat into any profit that you’re able to generate. Good luck!

We hope you found our matched bet guide useful and can now benefit from having matched betting explained. Register an account with any of the recommended bookmakers featured at Wetten.com today and you can take advantage of the hundreds of markets that they operate across an entire range of sports. These sites  cover everything from football, tennis, cricket and golf to baseball, basketball, ice hockey and American football. They have generous sign up offers for our new customers and their apps and websites allow you to cash out, giving you greater control over your bets than ever before. If you have any questions about the registration process, don’t hesitate to get in touch with each of the brands’ support teams.

Matched Betting FAQ

❓How do you start Matched Betting?

Starting your matched betting journey can be intimidating at first. There is a ridiculous amount of information about it on the web, some of which stems from untrustworthy sources. However, despite what this may make you think, matched betting is actually fairly straight forward. Read our matched betting guide to get all the information you need to start playing right away.

💰 Can you make a living from matched betting?

One of the most common queries about matched betting is whether it can offer the keys to a new career. Professional gamblers are nothing new with high rolling poker players among some of the richest gamers on the planet. However, whether you can make a living with matched betting will depend on a variety of factors, including your income requirements. Wetten.com CA’s extensive guide can help you to learn more.

🏛 Is matched betting legal in Canada?

As much of Canada’s gambling industry exists in somewhat of a legal grey area, you may be wondering if matched betting does as well. In order to ensure you are staying on the same side of both the law and the operators, make sure to get fully clued up on your rights by reading our matched betting guide.

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